PARIS (AFP) - Global gross 
domestic product (GDP) growth is projected to moderate from 3.2 percent in 2024 to 3.1 percent in 2025 and 3.0 percent in 2026, the Organization for Economic Cooperation and Development (OECD) said on Monday in its latest Economic Outlook.
According to the OECD, the downward adjustment from its previous forecast is due to “higher trade barriers in several G20 economies and increased geopolitical and policy uncertainty weighing on investment and household spending.”
In its previous Economic Outlook published in December 2024, the OECD projected that global GDP growth would be 3.3 percent in both 2025 and 2026.
Crude Oil Prices Rise as Red Sea Tensions Intensify After U.S. strikes
NEW YORK (Euronews) - Crude oil prices jumped following the U.S. military strikes on the Iran-backed Houthi militants, in response to the Yemen-based group’s commercial vessel attacks in the Red Sea. However, a deteriorating economic outlook is expected to continue pressuring oil prices.
Crude oil prices jumped to their highest levels since 4 March following U.S. military strikes on Yemen’s Houthi group at the Red Sea over the weekend.
During the early Asian session, the West Texas Intermediate (WTI) futures at NYNEX rose as much as 1.5% to $68.19 per barrel, and the Brent futures at ICE jumped 1.42% to $71.58 per barrel before pulling back. The natural gas futures price also climbed nearly 1% to $4.14 per million British thermal units (MMBtu) during the same time frame.
Additionally, China announced a special plan to boost domestic consumption, alongside a slew of positive economic data, adding to the demand optimism. China’s retail sales rose 4% in the first two months of this year, accelerating from a 3.7% increase in December.